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Last week, the Office of the Comptroller of the Currency (OCC) released significant updates regarding crypto banking, aiming to clarify regulations and expectations for banks involved in digital asset services. Here’s a breakdown of the key points from their latest releases: Interpretive Letter and Withdrawals The OCC issued an interpretive letter reinstating guidance on two critical fronts: crypto custody services and stablecoin reserves. This move effectively re-establishes the framework for banks to provide custody services […]

On February 7, 2022, FDIC Acting Chairman Martin J. Gruenberg released a statement of the FDIC’s priorities for the coming year. Among other items, the list includes: Strengthen Community Reinvestment Act (CRA): The federal banking agencies – the Federal Reserve, the Comptroller of the Currency, and the FDIC – have been working on a major revision of the rule implementing CRA. CRA requires banks to meet the credit needs of all the communities they serve, including […]

On January 20, 2022, the Federal Reserve Board released a 40-page discussion paper, Money and Payments: The U.S. Dollar in the Age of Digital Transformation, that examines the pros and cons of a potential U.S. central bank digital currency (CBDC). It invites comment from the public and is the first step in a discussion of whether and how a CBDC could improve the safe and effective domestic payments system. The paper does not favor any policy outcome. […]

On January 13, 2022, Acting Comptroller Michael J. Hsu Remarks shared remarks regarding Crypto with the British-American Business Transatlantic Finance Forum Executive Roundtable. Crypto has rapidly gone mainstream. Five years ago, the total market capitalization of all cryptocurrencies was around $100 billion. Today it is over $2 trillion. Anyone with an internet connection can invest in over 12,000 different cryptocurrencies, purchase digital art and collectibles through non-fungible tokens (NFTs), and buy “property” in the metaverse. […]